Banking and Financial Terms

A for-profit financial institution that accepts deposits and provides services like loans, checking accounts, and savings accounts to individuals and businesses.

A not-for-profit financial cooperative owned by its members that provides banking services, often with lower fees and better interest rates.

A bank account designed for everyday transactions like paying bills and making purchases.

A bank account meant for holding money you don't need for daily use. It earns interest but may have withdrawal limits.

A savings product where you agree to leave a lump sum of money untouched for a set period in exchange for a higher, fixed interest rate.

A type of savings account with a higher interest rate and minimum balance requirement, often with some check-writing privileges.

Money borrowed from a financial institution that must be paid back with interest.

A secure payment order for a specific amount of money, often used in place of a check.

A secure, individual container in a bank's vault used to store valuables and important documents.

An electronic machine for basic banking transactions like withdrawing cash or checking your balance.